HomeMy WebLinkAbout2300 Interfund Loan to the 1992 Wastewater Treatment Plant Construction Fund from the Water-Sewer FundORDINANCE NO. ~ ~ ~
AN ORDINANCE AUTHORIZING THE LOAN OF THE SUM
OF $450,000 FRO~ THE WATER-SEWER FUND TO THE
1992 WASTEWATER TREATMENT PLANT CONSTRUCTION
FUND AND PROVIDING FOR REPAYNRNT
THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR SESSION
ASSEMBLED, DOES ORDAIN AS FOLLOWS:
~ The loan of the sum of FOUR HUNDRED FIFTY THOUSAND
DOLLARS ($450,000.00) for a term of ninety (90) days from the
Water-Sewer Fund to the 1992 Wastewater Treatment Plant
Construction Fund is here and hereby authorized, and the City
Clerk-Treasurer is hereby directed to make such transfer, and the
Mayor and said Clerk-Treasurer are authorized to draw warrants in
accord with the same.
Section 2. The repayment of the above mentioned loans shall be
made at the end of the term together with interest at an annual
rate of four percent (4%).
Section 3. This Ordinance shall take effect upon its passage,
approval, and publication in the form and manner provided by law.
Read for the first, second, and t~
and approved by the Mayor on ylS~
I,,'li
Attest:
City Clerk
Limes, passed by the Council
.992.
.
fp~oved
Mayor
as to form:
Approved as to form:
City Attorney